Manage Debt

Sounds like fun, right?

The truth is, no matter how young or old we are, we can always use a new tip or two on how to manage our debt. (And if you’re reading this, you know how important managing your debt is!)

Credit cards

Credit cards get a bad rap sometimes, but it’s all in how you use them. Here are some things to think about when you reach for the plastic:

  • Paying off a credit card bill in full each month helps you avoid paying interest.
  • Know your credit cards’ interest rates. They can truly be all over the place, anywhere between 9.9% APR to 21.99% APR and beyond. Try to use the card with the lowest interest rate if you’ll be carrying a balance. (Hint: Our credit cards’ rates are super low.)
  • Cash back and rewards cards are great, but if you’re carrying a balance, you’re probably paying more in interest than you’re getting back in cash or rewards. You may want to re-think how you’re using this card.

If you’re tearing your hair out to keep up with several monthly credit card payments, you might want to transfer your high-interest credit card balances to your Linn Area credit card. (The interest rates on our credit cards are typically waaaaay lower than other cards, especially department store cards. And there’s no charge for transferring balances!) If you decide to go this route, we suggest you stop using your other cards. (Just trying to help you manage that debt!)

Loans

Oh, yes… loans. Most people have several loans they’re trying to pay all at the same time, kinda like credit cards. Student loans (does it ever end?), vehicle loans, mortgages, and home equity lines of credit can all gang up to give you a money migraine. Consolidating these loans might be the answer. (You can also throw in the credit card balances!) The best thing we can say here is, “Come talk to us!” Our loan specialists are here to help you save money. (Seriously, they brag about it.)


If you’d like to sneak in a little number crunching before you come see us, check out these calculators:

DEBT CONSOLIDATION CALCULATOR –  Should you consolidate your debt? Use this calculator to find out.

LOAN AND CREDIT TAX SAVINGS CALCULATOR – This calculator helps determine your tax savings on loans or credit lines with tax deductible interest payments.

ACCELERATED DEBT PAYOFF – Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.

CREDIT CARD PAYOFF – Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.

HOME EQUITY DEBT CONSOLIDATION – This calculator is designed to help determine whether using your home equity to consolidate your debt is right for you.

HOW MUCH DO YOU OWE? – Use this calculator as a starting point for your debt management plan.

PERSONAL DEBT CONSOLIDATION – Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you.

AUTO LOAN EARLY PAYOFF – Find out how much interest you can save by increasing your monthly auto loan payment.